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Yes of course...God hasn't created any new lakes up there for awhile. Demand may not be great but there is a limited quantity of lake front property (certainly not much undeveloped lake front property left anywhere up there now) so if you own and are selling lake front property, you can get the price you want.

Nevermind that the younger generation would rather go out and purchase the latest gadgets, designer clothes, expensive cars, etc, so they can be cool like their friends. It's not about making memories anymore. The consumerist driven market targets the younger generation like never before. Instead of teaching their kids to reject the consumerist mindset the parents promote the mindset and even buy this crap for their kids.

@Rachel: Even if some the Millennial generation had higher income they may not even want to drive "Up North". They are the first generation in quite awhile driving LESS-a very good sign in my opinion. Yes, they also leverage technology and you might hear soon that virtual reality is their vacation home. The incredibly high residential State property tax does not apply!

Eventually we'll all be driving clean electric cars. Driving is evolving, not going away. The lake property will be even more valuable as it does. Maybe we'll get up there by electric sea plane in 20 years.

Who the hell can afford a house like that, especially if it's a summer home. Most likely only corporate big wigs. Even most doctors and lawyers couldn't afford that lake home. Certainly hard working shrinking middle class Americans will never be able to even rent it out for the week let alone own it.

You do realize the average price for a nice 1-bedroom apartment in Manhattan is around $1.5 million correct? Wisconsin is just notoriously cheap so we can't fathom wealth above and beyond a $300,000 suburban McMansion. But there is a ton of private wealth in Wisconsin with a lot being in the finance industries. And yes, many doctors and lawyers could afford that home as well.

@WiscMoveForward You wouldn't look at "wages" but "wealth" for those homeowners. The rich work for their money, the wealthy have their money work for them. Wisconsin is home to nine Fortune 500 companies that generate over $137 billion in annual revenues - every year. But even the residents buy into the media and political narrative that we're a bunch of welders and farmers struggling to earn minimum wage.

WMF, the $1.5M NYC 1 bedroom condo is equivalent to a $200K condo in the third/fifth ward. The wage differential is not nearly as great. Cheezehead's point is a good one, real estate here is still relatively cheap. I plan on keeping my properties for decades, so the current prices don't concern me as much as long-term trends, but given what's going on in our financial markets to stimulate inflation, when it does happen, this is where I want to be.

I'd like to think that "Up North" vacations could enjoy a comeback. Of course, resorts used to make it affordable. They're long gone. But, it would certainly be nice if young people could discover how incredibly nice it can be just sitting on the end of a dock at a little cabin, with your kids, watching a bobber.

Why would someone give you a thumbs down? My childhood has wonderful memories at resorts in Northern Wisconsin. Most of the resorts are gone now that we stayed at. Illinois people seemed to buy up everything. In July and August that's all you see are Illinois license plates. Spearing, allowing 1 walleye per lake by the Indians is another negative factor. We now travel to Michigan or Minnesota if you want to stay at a resort and actually catch some fish.

I grew up in Minocqua and my parents still reside in my childhood home in the northernmost bay of Lake Minocqua. The demand for these expensive houses is there. Of the 10 or so houses in our bay, only 3-4 of them are year round residents (my parents included). All the neighbors are rich SE Wisconsinites or NE Illinoisers and prices of houses in the bay easily sell at top dollar value. Kids of parents who own lake front property up in Minocqua are sitting on a small gold mine to say the least, but when you no longer live there, I can understand not wanting to own the property anymore when it's a 4.5 - 5 hr drive from Milwaukee up to Minocqua to do regular maintenance.

I live in a 1000 square foot cabin on a lake in Marinette county, and it's my only home. A lot of people could do it, but there are sacrifices. All of the things that are convenient and at hand in Metro areas are a bit of a project here, including grocery shopping and medical visits. Pizza delivery involves ordering it by phone and picking it up. Like everything in life, there are trade-offs. Decent jobs are scarce, so there's a lifetime financial penalty for most people. One thing that really makes it difficult for the factory workers of the past to have a small place on a lake is not just the economic downturn and it's effect on wages. The uncertainty of modern marriage is a huge factor, and the high property taxes combined with regulatory nightmares don't help. But when I listen late at night to the loons calling on the lake, I'm glad I'm here.

I'm not complaining (too much). Times change. People change. But it started quite a while ago where visitors here started preferring to experience this beautiful environment through a triple glazed window rather than from the end of a pier by a quaint cabin with a row boat. This isn't your daddy's northwoods anymore, but then again my daddy has passed away so I think I'm allowed to be a little sad.